Global Biomedical Refrigerators and Freezers Market Expected to Reach USD 4.00 Billion in 2022: Transparency Market Research
According to a new market report published by Transparency Market Research “Biomedical Refrigerators and Freezers Market (Types: Ultra Low Freezers, Plasma Freezers, Shock Freezers, Blood Bank Refrigerators, Laboratory Refrigerators, and Laboratory Freezers; Application: Hospitals, Research Laboratories, Pharmacies, Diagnostic Centers, Blood Banks, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2022”, the biomedical refrigerators and freezers market was valued at USD 2.63 billion in 2013 and is projected to expand at a CAGR of 4.7% from 2014 to 2022 to reach USD 4.00 billion in 2022.
Browse the full Biomedical Refrigerators and Freezers Market Report: http://www.transparencymarketresearch.com/biomedical-refrigerators-freezers-market.html
Biomedical refrigerators and freezers are medical equipment that are exclusively used to store biological samples, pharmaceuticals and biopharmaceuticals, medical supplies, enzymes, and blood products. Increasing demand for biopharmaceuticals, organ transplants, and personalized medicines are the primary factors fueling the demand for biomedical refrigerators and freezers globally. In addition, rising government support to encourage research and development activities and clinical trials in life science and biotechnology field drives demand for biomedical refrigerators and freezers globally. However, fragmented market, high cost of the equipment, and increasing use of refurbished equipment are the major factors restraining the growth of the global biomedical refrigerators and freezers market.
Geographically, North America held the largest share of the global biomedical refrigerators and freezers market in 2013. The dominance of this region was attributed to the developed health care infrastructure and high adoption of advanced health care technologies. In addition, significant rise in life science research activities for disease treatment such as cancer and neural diseases are boosting demand for biomedical refrigerators and freezers in North America. The biomedical refrigerators and freezers market in North America is anticipated to expand at a CAGR of 4.5% during the forecast period from 2014 to 2022. The U.S. dominated the biomedical refrigerators and freezers market in North America in 2013. Factors such as large number of blood banks, hospitals, and research institutes are driving the growth of the biomedical refrigerators and freezers market in the U.S. In addition, periodic introduction of advanced technologies such as multiple compressor equipment, green technology, energy efficient equipment, and RFID enabled equipment coupled with higher adoption of these technologies is boosting the growth of the biomedical refrigerators and freezers market in the country.
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Plasma freezers are widely used in blood banks. Rising blood donations in the U.S. are primarily driving demand for plasma freezers in the country. According to the American National Red Cross, around 9.2 million people donate blood in the U.S. each year. In addition, 74 blood banks out of 76 American National Red Cross member blood banks are situated in the U.S., and on average, each blood bank has five to six blood bank refrigerators. Moreover, 38% of the population of the U.S. is eligible for donating blood. However, only 10% of these eligible blood donors donate blood every year. Hence, blood organizations are promoting blood donations in the country to reduce the demand-supply gap between blood units. The plasma freezers segment accounted for the largest share of the biomedical refrigerators and freezers market in the U.S. in 2013. The blood banks application segment accounted for the largest share of the market in the U.S. in 2013.
Asia Pacific is projected to be the fastest growing market for biomedical refrigerators and freezers during the forecast period. Presence of key players, emerging economies, rising awareness, availability of products at affordable prices, and relatively less stringent regulatory framework are the major factors anticipated to drive the biomedical refrigerators and freezers market in Asia Pacific. Japan held the largest share of the biomedical refrigerators and freezers market in Asia Pacific in terms of revenue in 2013. Large geriatric population and government support to improve health care infrastructure are the major factors contributing to the growth of the market in Japan. Plasma freezers are widely used in blood banks, research laboratories, and hospitals. Increasing health care expenditure, rapidly improving research and development industry, and growing medical tourism in countries such as India, South Korea, New Zealand, and Australia are expected to push the demand for biomedical refrigerators and freezers in Rest of Asia Pacific. Therefore, the market in Rest of Asia Pacific is anticipated to expand at the fastest CAGR of 7.3% during the forecast period.
The biomedical refrigerators and freezers market is highly fragmented, with several local players competing with few global players. Some of the players operating in the global biomedical refrigerators and freezers market include Eppendorf AG, Helmer Scientific, Haier Bio-Medical, Panasonic Healthcare Co. Ltd., Philipp Kirsch GmbH, Porkka, REMI GROUP, Terumo Corporation, and Thermo Fisher Scientific, Inc.
The global biomedical refrigerators and freezers market has been segmented as follows:
Global Biomedical Refrigerators and Freezers Market, by Type
- Ultra Low Freezers
- Plasma Freezers
- Shock Freezers
- Blood Bank Refrigerators
- Laboratory Refrigerators
- Laboratory Freezers
Global Biomedical Refrigerators and Freezers Market, by Application
- Research Laboratories
- Diagnostic Centers
- Blood Banks
Global Biomedical Refrigerators and Freezers Market, by Geography
o North America
o Rest of Europe
o Rest of Asia Pacific
o Latin America
o Rest of Latin America
o Middle East and North Africa
o United Arab Emirates
o Saudi Arabia
o Rest of Middle East and North Africa
o Rest of the World
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